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Author: 



Slawson, Loton H., 
Company 

Title: 

The greatest monopoly 



Place: 



New York 



Date: 



[1916] 



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MASTER NEGATIVE # 



COLUMBIA UNIVERSITY LIBRARIES 
PRESERVATION DIVISION 

BIBLIOGRAPHIC MICROFORM TARGET 



ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD 



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Slawson, Lot on II., company. 

The greatest monopoly; a book for all who own 
real estate or who are going to. New York, 
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God made the land; 
Man made real estate. 






The Greatest 
Monopoly 



A book for all who 
own real estate or 
who are going to 




LOTON H. SLAWSON COMPANY 



NEW YORK 



Copyright 1918 
Loton H. Slawson Company 



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r^ 7%^ GREATEST MONOPOLY 

A monopoly of a human necessity, a 
monopoly safeguarded by laws, a monop- 
oly that cannot be destroyed by human 
agency, is the best investment. 

The greatest monopoly in the world, 
the one that has made the largest number 
of great fortunes, is ten miles long, en- 
tirely surrounded by water, and is safe- 
guarded by natural laws. 

Huge fortunes of hundreds of families 
were not made by the wonderful sagacity 
and business genius of their men. The 
millions were made by the monopoly of 
Manhattan Island. 

Founders of these fortunes had indus- 
try, thrift, the almost universal human 
instinct to possess land — and patience. 
Especially did they have patience. 

It didn't matter where they bought 
land so long as it was a part of the monop- 
oly of Manhattan Island and they were not 
in a hurry for their profit. All they and 
their heirs had to do was to hold on to it. 



8 



THE GREATEST MONOPOLY 



Some, like the Rhinelanders and Goe- 
lets, branched to the right and to the left. 
Others, like the Wendels, clung to the 
center of the road, so to speak, and 
marched straight up Broadway. 

The thinkers and the workers, who are 
the creators and the producers — ^intent up- 
on making their individual business a suc- 
cess, and in so doing adding to the wealth 
and greatness of the city and the nation — 
automatically made the land valuable for 
the patient owners who had no business 
whatever except to sit and wait, and buy 
more land. 

They didn't have to worry, these pa- 
tient waiters. They had no real estate 
tribulations to develop the well known 
Joban virtue. They just waited. Their 
chief service was to help themselves to 
that justly famed commodity known as 
unearned increment. 

The monopoly of Manhattan Island 
made their profit surer than taxes because 



THE GREATEST MONOPOLY 



9 



it is of record that some folk have 
dodged taxes. 

Today this monopoly makes ownership 
of land on Manhattan Island as sure to 
yield a profit as at any time in the history 
of New York City. But if the investment 
be not wisely chosen, if investors have not 
at their disposal the wisdom of Solomon, 
they may have the tribulations of Job, 
and someone else may reap the sure pro- 
fit from the land. 




PRIMITIVE DAYS OF BARTER 

As a business, real estate is the least 
organized, the least eflScient, the most 



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10 



THE GREATEST MONOPOLY 



archaic of any great, necessary commer- 
cial activity. 

Its methods are those of the primitive 
days of barter where one man pits his 
skill and cunning against those of another 
to squeeze the last possible penny out of a 
transaction without any regard for the 

future. 

This is true of real estate buying and 
selling everywhere. It has never grown 
up into a real business, despite the vast- 
ness of its operations. A considerable 
percentage of the selling is predicated on 
the fairly well established truth that a 
victim is born every minute, although they 
may use the uglier word that is no shorter. 

While individuals have been bled un- 
mercifully, the greatest real sufferer is 
likely to be the land. 

No land has been assaulted more vi- 
ciously by greed, rapacity and ignorance 
than the monopoly of Manhattan Island. 

It has known the chicanery of agents 



THE GREATEST MONOPOLY 



11 



and brokers whose methods make those 
of the professional confidence man seem 
mild and playful. It has been defiled by 
the crimes of jerry builders. It has been 
profaned by architects whose atrocities 
flaunt their shame before eyes that still 
approve. "Shifting centers," the rapac- 
ity of landlords, all these things and many 
more conspiring to ruin the value of the 
land, have failed. All they could do was 
temporarily to check a natural increase 
in value. 

There is not a square foot of Manhattan 
Island that is not worth more today, 
either actually or prospectively, than ever 
it was. The law of the monopoly, the law of 
supply and demand, works inexorably here. 

Because of this intrinsic value, and be- 
cause, up to a few years ago, it was almost 
impossible to miss making a profit on any 
purchase of Manhattan real estate, it at- 
tracted more than its share of incompe- 
tents, sharpers and downright crooks. 



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U THE GREATEST MONOPOLY 



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But, also, real estate has its share of up- 
right, honorable men whose personal 
standards of probity are as high as those 
of any men, and who have prospered ex- 
ceedingly because they have ability as well. 

THE TENDENCY OF HUMAN BEINGS TO 
FOLLOW PRECEDENT 

It is the natural tendency of human 

beings to follow precedent — that is, to 

proceed along the line of least resistance. 

Most of the precedents in the real estate 

businesi» are evil when they are not stupid 

and wasteful. 

Because it knew the old order must 

pass, the Loton H. Slawson Company 
came into existence five years ago. It 
knew the real estate business must be mod- 
ernized and organized upon efficient lines. 



THE GREATEST MONOPOLY 



13 



It knew that to win the greatest success 
it must give the greater service. The 
more money it makes for its clients in the 
buying, selling and managing of real 
estate, the larger will be its profits, the 
greater its prestige, the securer its future. 
To paraphrase the words of the late Mr. 
Henry P., not O., if this be reform, make 
the most of it. 

You remember that, when Cecil 
Rhodes was working out his plan of an 
empire in South Africa, and they called 
him a pure visionary, he silenced his 
critics with a single sentence: 

**I unite imagination and six per cent." 

It doesn't take much imagination to 
realize the results that must come from 
making real estate conform to the stand- 
ards which other business activities now 
maintain, because they found that nothing 
pays so well as honesty and intelligent 
energy. But it takes something more than 
imagination to bring about a revolution in 



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14 THE GREATEST MONOPOLY 



methods, even to the extent of establishing 
a single firm on the right foundation. 

There must be a fighting spirit and an 
organization. Personal character, fitness 
to qualify as an expert, unfaltering 
energy, capacity really to think, faith in 
themselves yet conscious of their interde- 
pendence, and faith in the fundamental 
idea upon which the company is formed 
— all these things were considered in per- 
fecting the organization. 

This idea is to make the buying, selling 
and managing of real estate a profession 
as well as a business, to command for the 
company the respect that is the tribute to 
honesty, ethics and high eflSciency. 

A fine sense of personal honor and of 
business probity are not incompatible 
with laziness. Enthusiasm doesn't al- 
ways stand for accomplishment. A pow- 
erful, fighting organization is needed, 
especially to fight traditions like those 
which rule real estate dealing. 



THE GREATEST MONOPOLY 15 

There is nothing in this worid so hard 
to overthrow as a tradition. The older, 
more worn out, more useless it is, the 
more diflScult it is to destroy it if it still 
continues to work. 

If you don't believe it, think how most 
of us are arrayed against the introduction 
of the metric system. We know how much 
better it is, but just the same most of us 
will fight with our last breath to retain 
our fool system of weights and measures, 
one of the most absurd and ineflFective 
things ever invented. 

Fighting a tradition is like fighting an 
Achilles with armor plate on his heel. 

One of the established traditions in real 
estate is that anywhere from six to sixteen 
brokers shall compete with each other in 
trying to sell a piece of property. 

In the old days, w hen buying and selling 
real estate was largely a matter of per- 
sonal acquaintance, this multiple repre- 
sentation served well enough. Also grape 



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16 THE GREATEST MONOPOLY 



shot was once highly useful in warfare. 
Now one is about as eflFective as the 
other. But only the grape shot has been 
abandoned. 



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FROM SIX TO SIXTEEN BROKERS 



Most owners who want to sell property 
notify a list of agents and brokers, or 
refer a possible purchaser to his "own 
broker," on the old theory that he 
needed all the seUing help he could get. 
This was more or less of a fact before 
there came into existence a single organ- 
ization which can do more for the seller 
than all the brokers taken together. 



THE GREATEST MONOPOLY 



17 



It is just as sensible to ask a dozen 
brokers to sell your property in competi- 
tion with each other as it would be to 
command these brokers to bid against 
each other in buying a piece of property 
for you. 

There is a difference between having 
property that is for sale and wanting to 
sell property. The man who wants to 
sell is usually in a hurry to sell and the 
broker knows it. 

The broker has only one thought — to 
get his commission. He feels, not un- 
naturally, that he owes the owner no more 
consideration than the owner has shown 
him. To get the commission he has to 
make the sale, and the easiest, surest way 
of making a sale is to bear down the 
j;)rice so that he can offer a bargain. 

He does just that, taking full advan- 
tage of the owner's eagerness to sell. His 
skill in beating down the price is some- 
times almost an exact science. He has at 



18 



THE GREATEST MONOPOLY 



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his command amazing tricks, invented 
overnight, to say nothing of figures, 
arguments and eloquence calculated to 
make the owner feel the possession of his 
property is a liability and that he ought 
to be glad to get rid of it at any price. 

It isn't any wonder that a shrewd 
broker can confuse an owner. Even a 
poor conjurer can fool his spectators, 
because he is a specialist in fooling them. 

When it comes to the bargaining that is 
a complement of nearly every real estate 
deal, the average owner has about as much 
chance as the average chauflFeur would 
have in matching his wits against a pro- 
f essional horse trader in buying or selling 
a horse. It is the specialist again. 

There is just one intelligent, economic 
way to sell property. That is to retain a 
single organization the seller can trust 
implicitly, one that has the courage to 
tell him just what he reasonably can ex- 
pect to get for his property. 



THE GREATEST MONOPOLY 



19 



The Loton H. Slawson Company has 
that kind of courage. 

Moreover, the seller should choose the 
organization that has the machinery to 
reach every possible buyer of his prop- 
erty, that can concentrate this machinery 
upon the sale and carry it through to the 
best advantage of the seller in time and 

money. 

The Loton H. Slawson Company has 
that kind of machinery. 



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GOOD JUDGMENT, A FEW FIGURES AND A LAWYER 



20 THE GREATEST MONOPOLY 



There is a tradition that when one buys 
real estate on Manhattan Island all he 
needs is good judgment, a few figures and 
a lawyer. This holds if the good judg- 
ment manifests itself in his retaining an 
adviser whose good faith and capacity 
he can trust absolutely, for the buyer of 
real estate needs such a broker more than 
he needs a lawyer, and even more than a 
seller needs a single representative. 

Sometimes a man with surplus funds 
turns to Manhattan real estate as the 
surest, safest, most profitable investment 
in the world, and he is right in his general 
conclusion. But this doesn't mean he is 
qualified wisely to select particular par- 
cels of property. 

More often a man buys real estate be- 
cause a good salesman convinces him he 
is getting a bargain. All the salesman 
wants is his commission. He doesn't care 
what happens to the man or the property. 

It is true that the buyer of Manhattan 



THE GREATEST MONOPOLY 21 



real estate is safeguarded as he is nowhere 
else in the world. The monopoly of the 
Island insures the value of the land. If 
the buildings are modern, the laws pro- 
tect him so far as basic construction and 
fire risks are concerned. 

But these safeguards cannot insure a 
good, immediate return on his investment 
and its continuance. 

By far the larger number of big build- 
ings erected in Manhattan are built on 
speculation; that is, they are built to sell. 
An operator selects a plot of ground — 
usually wisely chosen — and buys it as 
cheaply as he can, for an operator has 
capital. A builder does the same thing 
with money he borrows. Upon this land 
an apartment house or business building 
is constructed. The property is heavily 
mortgaged for two reasons, the other one 
being that it makes it easier to sell. 

Also the builder will fill the building 
with tenants on as good leases as possible 



22 



THE GREATEST MONOPOLY 



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because that also makes it easier to seD. 
The builder's profit comes from the price 
he can get for the property above the cost 
of the land and the building. 

Because of the heavy mortgage, an 
investor can buy a paying property for 
relatively a small cash outlay. The 
builder can be relied upon to make it look 
like a gilt-edged investment. 

It takes highly specialized expert 
knowledge to make certain that a proper- 
ty is a good investment, something more 
than the assessed valuation, the builder's 
figures, the appearance of the building 
and the leases. 

The figures of the builder, as well as 
assertions about the environment, the 
character of the tenants and leases that 
seem most convincing, are not always to 
be accepted without question. For illus- 
tration, the simple scheme of having ten- 
ants willing to sign leases for high rents 
has proved most eflFective in luring the 



THE GREATEST MONOPOLY 



23 



innocent buyer. There are people eager 
to sign these leases, provided they do not 
have to continue paying high rent. 

When one of the clients of the Loton H. 
Slawson Company is interested in a par- 
ticular property, the organization sets 
about the difficult and exacting work of 
making an investigation of that property, 
an investigation that includes what sociol- 
ogists call a survey and which is bound to 
reveal the innermost secrets of that prop- 
erty, if there are any. 

All the company asks is the street and 
number. It will furnish the remaining 
information. 

The location is a matter of general real 
estate knowledge. But there may be 
neighborhood factors the builder doesn't 
know about, or which he may forget to 
mention. Often there are signs of changes 
which may not become obvious for half a 
dozen years but which will seriously 
affect the property for good or ill. 



24 



THE GREATEST MONOPOLY 



THE GREATEST MONOPOLY 



25 



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The actual cost of the building is deter- 
mined by the company's experts. It has 
a system, a development of many years of 
actual experience in building, which en- 
ables the organization to do this with 
exactness. Heating, lighting, elevators, 
laundry facilities, decorations — every- 
thing to the last detail is considered. Not 
only is the cost fixed, but the quality as 
well, for quality has an intimate relation 
to upkeep. 

The renting attractions rather than the 
selling attractions are carefully measured, 
and adaptability to the daily use of the 
tenants. The value of every square foot 
of rental space on each floor, the yearly 
income from each apartment or office, the 
loss on leases— all these things are set down. 

A careful study is made of the character 
and habits of the tenants, and whether these 
tenants are likely to add to or subtract 
from the renting value of the property. 

To the fixed charges are added the oper- 



ating expenses, repairs for tenants and 
general repairs. Nothing is omitted. In 
addition to having before him all the facts 
the buyer will ever learn about the prop- 
erty, he has many important ones he 
never could discover by himself. He is 
told frankly whether or not the organiza- 
tion making the highly confidential report 
considers the property a good purchase. 
If it is not, he will be advised not to buy. 
If it is, he will be told whether it is a good 
speculation or a rock-bottom investment, 

and why. 

If the property has been mismanaged 
and has possibilities, he is told how it can 
be brought back to the standard that will 
yield the largest return and insure the 
greatest security. 

Back of this report and its findings is 
the Loton H. Slawson Company. It will 
take over the management of the prop- 
erty and perform what it says can be 
accomplished. 



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THE GREATEST MONOPOLY 



This is a part of the special service of 
this organization, a service that is peculiar 
to the Loton H. Slawson Company. 




A FINE FIELD FOB A BilAN WHO HAS FAILED 

There is a tradition that real estate, 
like insurance, offers a fine field for a man 
who has failed in everything else. If he 
has money enough to rent desk room and 
buy a few signs, has energy, friends and a 
certain amount of selling ability, he is 
supposed to be in a fair way to succeed. 



THE GREATEST MONOPOLY 27 



Even if a man does make a living buy- 
ing and selling real estate for others, 
it doesn't qualify him as a competent 
broker nor as a real estate adviser able to 
handle large transactions successfully. 

In fact, the ramifications of Manhattan 
real estate are so many that only a large 
organization of highly trained specialists 
is equal to them. 

This organization must have executives 
with a broad and profound grasp of the 
business of the nation, to foresee those 
changes which make for prosperity and 
depression far in advance, for nothing 
is so sensitive to business generally as 
real estate. 

They must know in detail the business 
[of New York, not only where the various 
industries center, but why, and if they 
are likely to change. They must know 
the people of New York, at work, in their 
I homes, at play, for these things directly 
affect the value of property. 



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THE GREATEST MONOPOLY 



They must be able to understand the 
meaning of thousands of facts that are 
brought to them, to put them together, to 
interpret what they mean now and what 
they will mean ten years from now. 
They must know why an apartment house 
that should succeed fails and how to make 
it yield a profit. They must know a retail 
store will have failure at one place and 
success a block away. They must know 



THE GREATEST MONOPOLY 



29 



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SHIFTING CENTERS 



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why a certain side of the street means 
profit while the other side means loss, 
and they must understand the mystery 
of the "shifting centers." The Loton 



H. Slawson Company is ready to place 
at your command an organization that 
does these things. 

The shifting of centers which have 
caused so much disturbance are attributed 
not infrequently, to "the natural trend 
of the forces of economic development," 
which sounds well but has the disad- 
vantage of not explaining anything. 

If an industry has not room to expand 
in a quarter in which it is centered, or if 
transportation developments divert hun- 
dreds of thousands of people — for the 
value of real estate is determined by the 
number of people and the character of 
the people that pass it every day — these 
might be called the natural trend of 
economic forces. 

The simple truth is that the shifting of 
more than one of these centers is the 
result of a condition familiar enough but 
not associated with Manhattan — absen- 
tee landlordism. 



30 



THE GREATEST MONOPOLY 



When one shrewd operator takes ad- 
vantage of the stupidity and greed of 
owners of property and succeeds in trans- 
planting a great industry from one section 
of the city to another, it takes a Hvely 
imagination to attribute the change to 
"the natural trend of the forces of 
economic development." 

There was a time when that part of 
Broadway north of the City Hall was 
regarded as stable as the financial district 
below. It was the center of the wholesale 
dry goods industry and of great manu- 
facturing allied with it. 

Because of this there was great demand 
for the buildings, although most of them 
were old fashioned, and rents were high. 

Owners of these buildings had one idea 
with regard to them and that was to 
squeeze the last penny out of them, 
which means their tenants. 

They refused to give these tenants the 
light, ventilation, elevators, fire prevent- 



THE GREATEST MONOPOLY 



31 



ive devices — all those things that modern 
business now demands, not as luxuries, 
but as necessities. About the only thing 
these owners were willing to give their 
tenants was a receipt for increased rent. 

The ignorance and greed of the owners 
killed the goose that laid the golden egg 
with a vengeance. A shrewd, big opera- 
tor, grasping the situation, bought land 
far less valuable than that on Broadway, 
constructed big, modern buildings de- 
signed especially to meet the needs of the 
industries, with fine light, good ventila- 
tion, fast elevators, fire preventives — all 
the things his prospective tenants wanted 
and ever so many more they never even 
dreamed of, with the result that a great 
center of commercial and manufacturing 
activity moved uptown. 

It is the function of an entirely compe- 
tent real estate organization to see these 
things, and before they happen. An 
entirely competent real estate organiza- 



32 



THE GREATEST MONOPOLY 



m 



tion must understand causes. It must 
have the capacity to foresee immediate 
results and the things that grow out of 
them, which is much more complicated. 

When there is indicated a natural and 
logical change in business centers — these 
are chiefly due to transportation develop- 
ment — the inevitable resulting shift of 
population should be anticipated a dozen 
years in advance. This is not an espe- 
cially difficult problem, but it takes more 
than ordinary knowledge, judgment and 
imagination to determine what other 
activity this property will best serve after 
the change takes place, and what will be 
the line of development. A thoroughly 
competent real estate organization must 
be able to do that. 

Furthermore it must be able to doctor 
real estate that suffers from that greed 
and ignorance of owners which is respon- 
sible for nine-tenths of the ills that 
afflict the good, honest land of Manhat- 



THE GREATEST MONOPOLY 



33 



tan Island, to bring the property back to 
the healthful state of producing efficiency. 

This can be done by an entirely com- 
petent real estate organization. 

For the monopoly of Manhattan Island 
makes the intrinsic value of the land a 
fixed quantity. Real estate is a man-made 
commodity. What the greed and ignor- 
ance of men has destroyed, the faith, inteUi- 
gence, knowledge and energy of men can 
build up again. 

This is a part of the service the Loton 
H. Slawson Company gives its clients. 

Its activities can be defined in a single 
sentence: It is an organization that 
gives a wholly efficient constructive service. 



34 



THE GREATEST MONOPOLY 



THE GREATEST MONOPOLY 



35 



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HOLDING ON TO UNIMPBOVED PBOPEBTY 

There is a tradition that the big prolBts 
in Manhattan Island real estate come from 
holding on to unimproved property. 

The great landlord families and cor- 
porations whose income is so large that it 
is a constant problem to keep it invested 
can prove this. 

But in these days the spirit of business 
is to make money work, to produce an 
income — not to let it lie idle. 

The Loton H. Slawson Company has 
made itself a clearing house through 



which an investment in unproductive 
land is converted into a dividend-yielding 
property, while the unoccupied land is 
improved and itself becomes productive. 
The transaction can be set down in a 
few words, although the operation is 
suflSciently complex. The owner of un- 
improved land exchanges it for a modern 
building, fully rented, that is a sound 
investment, giving a certain income of 
more than six per cent net. The exchange 
is usually made with a builder who pro- 
ceeds to erect a structure on the unoc- 
cupied land, thus making it not only 
useful, but profitable. 



tiW' 



S6 



THE GREATEST MONOPOLY 






THE TENANT WHO WANTS TO MOVE 

There is a tradition that when a tenant 
wishes to change his quarters the busi- 
ness of finding that which will best meet 
his demands devolves upon him. 

When it comes to commercial leases 
the changing of quarters is a waste of 
time, money and temper. The tenant 
who wants to move walks through the 
streets, notes the "For Rent" signs and 
goes into endless buildings. He may 
interview fifty brokers and each of the 



THE GREATEST MONOPOLY 37 

fifty may submit lists of space. About all 
the broker does is to close the lease, and 
as a rule he isn't much concerned whether 
or not the tenant gets what he wants. 

The tenant isn't supposed to have 
expert knowledge. He seldom takes the 
trouble to make sure who his neighbors 
are and what the service of the build- 
ing may be. 

When a client comes to the Loton H. 
Slawson Company seeking new quarters, 
a trained expert is sent to the present 
business home of the client. This expert 
makes a careful study of the needs of the 
client, the amount of space necessary, 
the arrangement of lighting, the elevator 
service — all those things that are asked 
for and others which the expert knows are 
essential even when the principal does not. 

The Commercial Leasing Department 
finds exactly the right space in the right 
buildings — giving the principal a choice 
of perhaps two or three because that is all 





I 



38 



THE GREATEST MONOPOLY 



THE GREATEST MONOPOLY 



39 



I 



the choice he needs. The client will have 
the right kind of neighbors; he will be in a 
building that will furnish just the sort of 
service he ought to have, and he will be a 
thoroughly satisfied client. 

Conversely the wisdom of exclusive 
representation works with equal exactness 
from the standpoint of the landlord 
of a building. 

Frequently a tenant is asked to consult 
an oflScer of the corporation owning the 
building or "Your own broker," which is 
an illustration of anybody's business 
being nobody's business. 

The more proficient the oflScer in his 
own business, the less likely is he to know 
about real estate. Brokers, interested 
only in making a commission, compete 
with each other along the line of least 
resistance, which is beating down the 
rental price to make a bargain. 

In renting and in selling the only sane, 
sensible way is to retain one agent for the 



exclusive handling of the property. This 
agent can then afford to make a special 
study of that property, to determine its 
every possibility, and to concentrate upon 
selling the space to the best tenants for 
what it really is worth. 

It pays best to place the whole manage- 
ment of a building in competent hands^ 
for this management is almost a science in 
itself. You can't hire the brains, knowl- 
edge and experience necessary to manage 
a big building properly unless you pay a 
big salary, a salary far in excess of the 
charges made by an organization fuDy 
equipped that can manage the property 
far more profitably than can any one man. 



i 



40 THE GREATEST MONOPOLY 



THE GREATEST MONOPOLY 41 




THEY HAVE PAID FOR THEIB OWN MISTAKES 

The Loton H. Slawson Company places 
all the resources of its organization at 
your disposal. Its executives have been 
operators in unimproved property. They 
made money and they made mistakes 
and they paid for their mistakes with 
their own money. 

They have been builders of big struc- 
tures, some of the best in New York, and 
they profited, again paying for the mis- 
takes they made with their own money. 
As principals they have run the whole 



gamut of real estate activity in Manhat- 
tan real estate, and this experience has 
given them a profound knowledge, sup- 
plemented by constant study, which 
enables them to meet any situation with 
confidence, and with the certainty they 
will not have to depart from the standards 
they have adopted, standards worth 
more to them, as a business asset, and in 
personal satisfaction, than in any com- 
mission they could possibly receive. 

The foundation of its organization is to 
serve, to serve courageously, to serve 
honestly, to serve earnestly, to serve with 
ever increasing eflSciency. 



COLUMBIA UNIVERSITY LIBRARIES 

This book is due on the date indicated below, or at the 
expiration of a definite period after the date of borrowing, as 
provided by the hbrary rules or by special arrangement with 
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DATE BORROWED 


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Sfockton, Cahf. 



DUPLICATE 




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Slawson 
The greatest monopoly 




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TITLE